JUDGMENT

(Prayer: Application has been filed under Section 55 of the Presidency Town Insolvency Act, 1908 read with Order II Rule 1 of Insolvency Rules to set aside the sale in favour of the respondent Nos.3 and 4 under the sale deed dated 18.08.2011 registered as Document No.1752 of 2011, SRO Thyagaraya Nagar and declare the said sale null and void.)

The issue that arises for consideration in this application filed by the Official Assignee under Section 55 of the Presidency Town Insolvency Act, 1909 (Hereinafter referred to as “1909 Act“) is whether the sale deed dated 18.08.2011 executed by the respondent Nos.1 and 2 (Insolvents) in favour of the respondent Nos.3 and 4 (purchasers) has been executed in “good faith“ and “for valuable sale consideration“.

2. The debtor petition in I.P.No.14 of 2012 was filed by the respondent Nos.1 and 2 on 14.02.2012 to declare themselves as insolvents. They were adjudicated as insolvents by this Court on their petition vide order dated 16.02.2012 and thereafter, they had filed their statements on 12.06.2012.

3. According to the Official Assignee,